{"id":18231,"date":"2022-08-19T11:41:59","date_gmt":"2022-08-19T11:41:59","guid":{"rendered":"https:\/\/www.meretailnews.com\/?p=18231"},"modified":"2022-08-31T09:22:23","modified_gmt":"2022-08-31T09:22:23","slug":"cashless-transactions-boom-in-oman","status":"publish","type":"post","link":"https:\/\/www.meretailnews.com\/2022\/08\/19\/cashless-transactions-boom-in-oman\/","title":{"rendered":"Cashless transactions\u00a0boom\u00a0in\u00a0Oman"},"content":{"rendered":"<p><!-- VideographyWP Plugin Message: Automatic video embedding prevented by plugin options. --><br \/>\nElectronic payment channels, such as credit and debit cards and tappable smartphone mobile wallets, are rising in popularity in <a href=\"https:\/\/www.meretailnews.com\/2022\/06\/17\/tcl-partners-with-jashanmal-in-uae-oman-and-bahrain\/\">Oman<\/a>, according to the country\u2019s central bank.<\/p>\n<p>Card payment transactions rose by 15 per cent, from 66 per cent in 2019 to 81 per cent last year, while ATM withdrawals dropped by 7 per cent during the same period.<\/p>\n<p><a href=\"https:\/\/www.meretailnews.com\/2022\/08\/12\/uae-consumers-trust-security-of-digital-payment-facilities-and-want-to-learn-more-says-report\/\">Online payment<\/a> transactions in the country more than doubled last year, as per Euromonitor International&#8217;s <em>Muscat in Oman<\/em> report.<\/p>\n<p>An initiative to foster electronic methods in the country launched on January 1, and saw several merchants accept only <a href=\"https:\/\/www.meretailnews.com\/2022\/08\/05\/non-cash-payments-gain-traction-in-the-middle-east\/\">cashless payments<\/a>.<\/p>\n<p>The move, in alignment with the digitalisation agenda of Oman&#8217;s Vision 2040, has been divided into stages. The first targets a range of small stores, such as jewellery shops, electronic outlets and builders\u2019 merchants, and select restaurants and cafes.<\/p>\n<p>To ensure a smooth transition to non-cash payments, the Ministry of Commerce and Industry and Investment Promotion announced that all essential facilities will be supplied at no extra cost.<\/p>\n<p>E-transactions incur charges, however. Fees associated with credit cards are capped at 1.5 per cent of the billed amount.<\/p>\n<p>The\u00a0limit\u00a0via\u00a0mobile wallets\u00a0is\u00a00.75 per\u00a0cent.<\/p>\n<p>Oman&#8217;s e-commerce market is expected to grow progressively at a compound annual growth rate of 21.6 per cent until 2027, says a Mordor Intelligence report.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Non-cash payments, such as mobile and card payments, are gaining traction in Oman, according to the sultanate&#8217;s central bank. <\/p>\n","protected":false},"author":39,"featured_media":18232,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[1],"tags":[4240,4149,3988],"_links":{"self":[{"href":"https:\/\/www.meretailnews.com\/wp-json\/wp\/v2\/posts\/18231"}],"collection":[{"href":"https:\/\/www.meretailnews.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.meretailnews.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.meretailnews.com\/wp-json\/wp\/v2\/users\/39"}],"replies":[{"embeddable":true,"href":"https:\/\/www.meretailnews.com\/wp-json\/wp\/v2\/comments?post=18231"}],"version-history":[{"count":4,"href":"https:\/\/www.meretailnews.com\/wp-json\/wp\/v2\/posts\/18231\/revisions"}],"predecessor-version":[{"id":18363,"href":"https:\/\/www.meretailnews.com\/wp-json\/wp\/v2\/posts\/18231\/revisions\/18363"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.meretailnews.com\/wp-json\/wp\/v2\/media\/18232"}],"wp:attachment":[{"href":"https:\/\/www.meretailnews.com\/wp-json\/wp\/v2\/media?parent=18231"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.meretailnews.com\/wp-json\/wp\/v2\/categories?post=18231"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.meretailnews.com\/wp-json\/wp\/v2\/tags?post=18231"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}